PTC price target raised to $225 from $210 at Oppenheimer

Oppenheimer raised the firm’s price target on PTC (PTC) to $225 from $210 and keeps an Outperform rating on the shares. The firm notes the company recently attended a PTC customer summit keynoted by Chief Strategy Officer Amit Jain and John Haller, GM of PLM. The event which catered to the Electronics and HighTech industries, offered a glimpse into the revamped go-to-market motions aimed at PTC’s five priority verticals. The targeted audience was engaged, with nearly all participants staying for the duration of the event. Investors have occasionally questioned if the vertical approach could be held back by product shortcomings, but Oppenheimer walked away impressed to see new features/functionality addressing end-market specific needs. While the firm does not expect aggressive tactics to transition to SaaS, prereleasing features and accelerating update schedules is a step in the right direction.